WHAT IS TELOS!
Telos is a sister blockchain to EOS. "EOSIO" is the software created by block.one which powers blockchains such as: EOS, Telos, worbli KYC AML network, WAX which has WAX tokens for gaming, etc.
TELOS is it's own version of a new blockchain based on the EOSIO software, which aims to improve upon the short comings for EOS which I will outline below:
During EOS snapshot for token holders.
Users all received a 1:1 ratio of TELOS tokens per EOS that you hold at the time of the snapshot, up to a maximum of 40,000 TELOS tokens per account and the reason for this is to prevent the whales situations which is currently present on the EOS network. This resulted in a broad and relatively equitable initial distribution of approximately 300 million tokens EOS genesis account holders. 18 million tokens were granted to the founders of the chain and 6 million to the TELOS foundation. The team capped it at 40,000 and this turned out to be only 0.67% of the accounts but 0.67% of those accounts are those whales that owns million of tokens and they are able to earn voting rights on the block producers network as whales and controlling things as they agree.
The top 21 block producers on EOS are currently voted in by whales and the ones without whale vote behind them tends to suffer. So TELOS aims to solve that problem by:
capping a maximum of 40,000 TLOS tokens distributed to all the genesis accounts on TELOS network and a minimum of 1TLOS/1EOS
By inverse weighted voting:
which is a method on TELOS, which when you vote and the more votes you cast the heavier the weight for each votes! Which certifies you to vote for full 30 block producers instead of just one or two as in the case of many whales on the EOS blockchain Who just vote in themselves or their friends and do not cast the full 30 votes. This simply results in the gap spreads and even wider between the top block producers and those that are trying to get into the top of those positions. so TELOS solves that with inverse weighted voting and I think it's genius solution from TELOS.
It has a total supply of approximately 355 million and 244 million in supply is currently circulating in exchanges.
It launched on December 8th 2018, a day after my 21st birthday (7th December).
The launch sequence after being initiated takes about 5-7 days after the block 1 million and this occurred after the official TELOS launch checklist was complete which made it ready for public use.
They had a launch team which comprised on 6 block producers who are to boot up the network and along the way we will have that top 21 block producers which we already have today.
TELOS is made up of people who believes there is great opportunity in EOSIO and might be better served in another form than what the EOS main net offers.
TELOS network makes use of Delegated Proof Of Stake (DPOS) consensus. TLOS is a native token of TELOS network and it is for
- Aquiring resources for decentralized applications (Dapps)
- Voting for block producers
- Worker proposals
- Election arbitrators and other chain governance
The governance features used by TELOS network are available for Dapps developers to include in their projects
The TELOS blockchain reportedly offers developers
- 0.5 seconds block times
- 1000 TPS
- developers can reportedly build blockchain applications that provides a similar user experience to conventional applications
FINAL THOUGHT
It offers competition to EOS, they are compatible because you can create the same smart contract in EOS network and transfer it to TELOS network and have it run on there, so it actually offers competition for e.g RAM prices, EOS RAM are super high compared to TLOS ram prices and customers and users can still switch to TELOS network for the same or similar functionality for a much lower cost to developers.
It is really healthy for any market to have competition because the free market helps creates a better product at a better cost for customers and users and you can see that TELOS competing with EOS will do that, it will make both of them more stronger and more resilient and better networks for everyone, developers and users alike.
I'm really proud to promote TELOS to you and I hope you are having a fantastic day.
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